The gold-to-oil ratio is 46 today, but it needs to revert to the historical average of around 25! Most likely, only oil prices will surge to make this happen. Currently, Bank of America predicts that crude oil could rise above $150 within six months (Brent crude is at $105 today). The path of global inflation is unstoppable now! The US dollar has completely diverged from US Treasury yields this time, and it’s likely to bottom out and rebound. Gold might stay in a sideways trend in the mid-term due to the dollar’s recovery, and the chances of a short-term drop are also low. Amid the backdrop of massive Treasury sell-offs, sovereign nations are more inclined to increase their gold holdings as a hedge. Gold stays flat, oil takes off, and eventually, we move from inflation to stagflation—this aligns almost perfectly with Shi Hanbing’s reasoning! The next turning point in the Kitchin cycle, from depression to recovery, is most likely in the second half of 2027. Plenty of opportunities ahead! This post is sponsored by @binancezh: "Buy US stocks on Binance: Global assets, zero time lag, one-click access!" #Finance #Crypto #Oil #Gold #Inflation #Stagflation